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Market Report

Charlotte Multifamily Market Report

Charlotte Metro Area, 2Q17

Higher-wage jobs enter the Queen City, prompting broad demand for apartments. Charlotte’s diverse economic base, well-developed transportation network and skilled labor force continue to attract companies to the area.

Favorable Absorption Trends Boost Charlotte’s Rental Market; Investors Eager

Higher-wage jobs enter the Queen City, prompting broad demand for apartments. Charlotte’s diverse economic base, well-developed transportation network and skilled labor force continue to attract companies to the area. As new firms arrive and others expand, apartment operators will benefit from another year of solid employment growth that draws job seekers to the metro. Young professionals with incomes above the metro average who prefer an urban lifestyle will support the wave of apartments being completed near downtown as they have a high propensity to rent. The desirable urban core will receive more than a third of the total units coming online in 2017, which may temporarily soften vacancy in some neighborhoods while multiple buildings lease up. Robust rent growth throughout the metro will increase the number of people seeking more affordable units, improving vacancy in Class B/C apartments. Marketwide, apartment demand will keep pace with deliveries, holding vacancy steady while rents post another year of gains well above the national average.

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